EXPLANATIONS. 251

M. le Dae was one of those who, without spending a farthing,
had drawn millions from Law's notes and shares. He had had
large allotments of the latter, and now that they had become
utterly valueless, he had been obliged to make the best of a
bad bargain, by voluntarily giving them up, in order to lighten
the real responsibilities of the Company. This he had done at
the commencement of the Council, M. le Prince de Conti also.
But let me explain at greater length.

The 22nd of May, the day of the decree, was the period at
which commenced the final decay of the Company, and of the
bank, and the extinction, of all confidence by the sad discovery
that there was no longer any money wherewith to pay the
bank notes, they being so prodigiously in excess of the coin.
After this, each step had been but a stumble : each operation a
very feeble palliation. Days and weeks had been gained, ob-
scurity had been allowed to give more chance, solely from fear
of disclosing the true and terrible state of affairs, and the extent
of the public ruin. Law could not wash his hands of all this
before the world: he could not avoid passing for the inventor
and instrument, and he would have run great risk at the moment
when all was unveiled. M. le Due d'Orl^ans who, to satisfy
his own prodigality, and the prodigious avidity of his friends,
had compelled Law to issue so many millions of livres of notes
more than he had any means of paying, and who had thus
precipitated him into the abyss, could not let him run the chance
of perishing, still less to save him, could he proclaim himself
the real criminal. It was to extricate himself from this em-
barrassment that he made Law leave the country, when he saw
that the monstrous deceit could no longer be hidden.

This manifestation, which so strongly interested the share-
holders, and the holders of bank notes, especially those who
had received shares or notes as favours due to their authority,
and who could show no other title to them, threw every one
into despair. The most important holders, such as the Princes
of the Blood, and others, whose profits had been immense, had
by force or industry delayed this manifestation as long as pos-
sible. As they knew the real state of affairs, they felt that